The most expensive art sold at auction by a living artist belongs to famous artistJeff Koonsand it was sold for $58,405,000.

The art piece sold at this price was Ballon Dog (orange)- a mirror-polished stainless steel with transparent color coating.

What it means that a Jeff Koons balloon dog, one of a series of five, is now the most expensive work by a living artist sold at auction, knocking Gerhard Richter off that perch. It’s not as if other Jeff Koons pieces have fared particularly well so far at auctions… For example, two Jeff Koons works were already withdrawn at Christie’s sales, while his Teddy Bear (Pink) sold for a hammer price of $1 million, the low end of the estimated range.

*All the prices here include the buyer’s premium, or commission that the buyer pays to the auction house. The actual hammer price for the Jeff Koons was $52 million.